Decentralized exchange PancakeSwap plans to pay for up to $8 million in fees traders have incurred on competitor Uniswap .
Crypto traders who match their Uniswap v3 volume 1:1 on PancakeSwap v3 between May 16 and Aug. 15 will receive a full refund of their Uniswap interface fees. The reimbursement campaign comes shortly after Uniswap Labs hiked its interface fee from .15% to .25% for most swaps in April.
“In the dynamic world of decentralized exchanges, recent changes in other protocols' fee structures have left many traders searching for alternatives,” PancakeSwap Head Chef Mochi said Thursday in a statement. “As a leading multichain DEX, we are here to offer a direct solution, as this campaign promises lower fees, better prices, and refunds for the excess fees paid on other platforms.”
Uniswap's interface fees are charges traders pay to execute some token swaps using the protocol's wallet interface and web app.
To qualify for the refund, crypto traders must have held at least $5,000 in wrapped bitcoin (WBTC) and/or wrapped ether (WETH) pairs traded on Uniswap's Ethereum platform between Jan. 1 and March 31.
Uniswap users can visit PancakeSwap's Dune dashboard to check their campaign eligibility. Eligible traders must fill out a form to claim the reimbursement.
PancakeSwap v3's interface-fee campaign marks its latest effort to steal market share from its competitor. The DEX is currently the sixth largest by daily trading volumes, trailing Ethereum-based Uniswap V3's volume by more than $700 million, according to CoinGecko data.
About Author
Elizabeth Napolitano is a data reporter covering business and technology news, with a focus on cryptocurrencies. Prior to joining The Block, Elizabeth reported on BigTech, AI, crypto and videogames for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and U.S. courts. She holds an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano
